All Forum Posts by: Emmanuel N Okafor

HELOCs are Off the table at major banks due to Covid-19. When I tried earlier I recall being told I could only take one out against my primary resident and not my rental properties. 

I have hit a brick wall in my real estate investment business. I have maxed out on rentals I can finance. I currently have 11 rentals. One is fully paid off and I just moved into a new primary house with my family. I have been buying at least one house per year for the last 6 years. I have a little over a million dollars in equity in my 11 rentals. I don't know how to leverage that equity without refinancing each house and I don't want to do that. I refinanced most of the houses last year with low interest rates. I want to wait at least 5 years before messing with the current financing so I can recover the cost of refinancing. -

I have excellent credit and a regular job with steady income. I am interested in getting into multi-family houses or apartments using a portion of my current equity. I have called many banks and no one will give me a blanket loan with my rentals as collaterals or a line of credit for the million dollars I have in equity across my 11 properties. Most commercial banks wouldn't mess with residential properties and the personal bank side wouldn't allow me to combine the equities of all my rentals. Most are offering cash-out refinancing of all the properties individually which I don't want to do 

Are there another options I should consider?

I have hit a brick wall in my real estate investment business. I have maxed out on rentals I can finance. I currently have 11 rentals. One is fully paid off and I just moved into a new primary house with my family. I have been buying at least one house per year for the last 6 years. I have a little over a million dollars in equity in my 11 rentals. I don't know how to leverage that equity without refinancing each house and I don't want to do that. I refinanced most of the houses last year with low interest rates. I want to wait at least 5 years before messing with the current financing so I can break even on the cost of refinancing. -

I am interested in getting into multi-family houses or apartments using a portion of my current equity. I have called many banks and no one will give me a blanket loan with my rentals as collaterals or a line of credit for the million dollars I have in equity across my 11 properties. Most commercial banks wouldn't mess with residential properties and the personal bank side wouldn't allow me to combine the equities of all my rentals. Most are offering cash-out refinancing of all the properties individually which I don't want to do 

Is there another option I should consider?

Is anyone using Bankers insurance for their homestead or rental properties? I am just curious about then. I got a very low quote from them so I am just trying to do my due diligence researching them. Any feedback would be greatly appreciated. 

Is anyone using Bankers insurance for their homestead or rental properties? I am just curious about then. I got a very low quote from them so I am just trying to do my due diligence researching them. Any feedback would be greatly appreciated. 

Thank you all for the feedback. I have filed a small claims court suit and do plan to pursue it. I feel it's important to push back on the seller and the real estate agent and broker that gave her cover. Moving forward, I will require sellers with tenants in their property to show original lease agreement. 

I just want to get some thoughts on a current legal situation I am in at one of my rental property. I bought a duplex in 2017 with tenants in it. When we closed the seller gave me $900 as a security deposit for one unit and said the security deposit in the other unit was spent on repairs.

A year later in 2018, I evicted one tenant and during that process, I got the original lease agreement from the company paying his rent. I noticed that they paid $1900 in security deposit or double deposit since rent was $950. The seller whited out the "1" and gave me a copy that said $900 instead of $1900. I also learned from the tenant in the second unit that nothing was ever fixed. She was never told that her security deposit was spent. 

I filed a lawsuit in small claims court. Our first hearing is towards the end of the month. I just want to get other landlord and investor's feedback and thoughts on this situation. 

Thanks

Why don't you just do a cash out refinance, wouldn't that be the fastest way to get the money? I was in a similar situation several weeks back and didn't get a response on my post here. I explored a bunch of options and realized that a cash out refinance was the fastest option for me. 

Andrew, i am looking to move my entire portfolio. I have properties in San Antonio, College Station, Dallas, Fort Worth, Lancaster and Wylie.

Thanks Bill, I will give Allstate a ring. Justin, which insurance company are you using?